- Bitcoin ominously accomplished a gain of above 40% in just over a week with its current value being $40,436
- Bitcoin’s value appraisal led to the cryptocurrency posting a market value more significant than the social media giant Facebook Inc.
- The proposal of a $3T stimulus package by U.S. President-Elect Joe Biden likely to affect the duration of the Bitcoin’s rally
With the value of $29,111.63, Bitcoin saw a 300% growth in its worth by the end of last year. Meanwhile, at time of this report, it significantly achieved a gain of above 40% in just over a week with its current value being $40,436.
Bitcoin’s ceaseless progress
The price swell in Bitcoin’s value led to the cryptocurrency posting a market value bigger than social media platform Facebook Inc. This credited the coin as the most valuable asset than all publicly traded institutions except the top six: Saudi Aramco, Apple Inc, Microsoft Corporation, Alphabet Inc, Amazon.com In, and Tesla Inc.
Initially, the Bitcoin $766.31B market value was settled between Facebook and Tesla, with the market worth of $759.32B and $804.54B. This was reported by the Gemini Co-Founder Cameron Winklevoss, the bitcoin billionaire.
In comparison to the fiat currencies, Bitcoin has been performing exceptionally well. It has continuously proved its value, primarily through its brief excelling at overtaking Russia’s ruble and Thailand’s baht. As of today, FiatMarketCap has declared bitcoin’s position at number 16.
The deal with the Bitcoin’s advantage over Facebook
Winklevoss twins recognized the news of Bitcoin’s gain over Facebook as a good, celebratory one. Cameron Winklevoss tweeted the same suggesting a jab at the entire episode. He has previously claimed that Mark Zuckerberg stole the idea of the social networking platform from him and his twin brother.
Bitcoin’s rally and its duration are being predicted to sustain a little longer due to the proposal of a $3T stimulus package by U.S. President-Elect Joe Biden. Meanwhile, the CEO and founder of Equilibrium and the EOSDT stablecoin, Alex Melikhov claims that the respective package would lead to market liquidity. This can further translate into a possible driving factor of Bitcoin prices.
As a result of the Federal Reserve and the U.S. government’s decision to resort to inflation-boosting measures in recent months, the crypto giant has been undergoing a bull run. The measures were adopted to alleviate the economic effect of the Covid-19 pandemic. In turn, this has resulted in the expansion of interest in the virtual assets of various investors and institutions. They have cracked a hedge against the significant inflation.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.